Section 7 in The Bombay Forward Contracts Control Act, 1947
7. Power of Provincial Government to make by-laws.
(1)If the Provincial Government is of opinion that it is expedient to do so, the Provincial Government may at any time add to, vary or rescind any bye-laws made by a recognised association under section 6 or may make any bye-laws for all or any of the matters specified in the said section 6.(2)Bye-laws, or any addition to, or variation or rescission of bye-laws made under sub-section (1) may provide for the regulation and control of contracts entered into or made previously to and subsisting at the date of making of the bye-laws, addition, variation or rescission, but not so as to affect contracts entered into or made before a week previous to such date, and all rights and obligations in respect of contracts so regulated and controlled shall thereafter be determined accordingly.(3)Bye-laws or any addition to, variation or rescission of bye-laws made under sub-section (1) shall be subject to the condition of previous publication:Provided that the Provincial Government may, in the interest of the trade or in public interest, dispense with the condition of previous publication.(4)Bye-laws or any addition to, or variation or rescission of bye-laws made under this section shall be published in the Official Gazette and shall be deemed to have been made by the recognised association.
